Companies briefs

Ten Network
’s ratings woes continued on Sunday night, with the first episode of the new season of Junior MasterChef pulling 1.1 million capital-city viewers, down more than 50 per cent from 2.29 million for the first episode of last year’s series.

Neil Shoebridge

Fairfax Media
director and QIC Limited chairman
Peter Young
has joined the board of
PrimeAg
. The group, which is chaired by Fairfax Media chairman
Roger Corbett
, also appointed Geoff Hewitt, a former Cotton Australia chairman, to the board. Both appointments are subject to confirmation by shareholders at PrimeAg’s annual meeting on November 3. Julie-anne Sprague

Anglo American has signed a farm-in agreement with
Cazaly Resources
and
Vector Resources
that will allow the global miner to earn a 75 per cent stake in the undeveloped Earaheedy iron ore project north-east of Wiluna in Western Australia. In return, Anglo will make staged payments of up to $51 million to the juniors, along with $20 million of spending on exploration. Jamie Freed

Aston Resources
, which has yet to start construction on its Maules Creek coalmine in NSW, reported a $242.9 million profit from the sale of a 15 per cent stake in the project to Japanese trading house Itochu. Aston expects first production in mid-2013. Jamie Freed

DUET
Group and
Alcoa
Australia have approved a $200 million equity recapitalisation of the main West Australian gas artery, the Dampier-Bunbury Pipeline. The $200 million will be used to repay $32 million owed to DUET entities, and senior bank debt. DUET provided its $160 million share from the group’s equity raising in July. The move reduces the pipeline’s debt to regulated assets from 72 per cent to 62 per cent.Kevin Chinnery

Production has begun from the Okha floating production storage and offloading (FPSO) vessel – operated by
Woodside Petroleum
– 135 kilometres off Western Australia. The vessel will produce 30,000 barrels a day when it reaches operating capacity at the end of next month. The first offtake is set for November. Participants in the Cossack Wanaea Lambert Hermes oil fields joint venture are Woodside, BHP Billiton, BP Developments Australia, Chevron Australia and Japan Australia LNG.